M'Vila an option for Arsenal
The France international has been linked with a number of clubs over the summer including Arsenal's north London rivals Tottenham and Zenit St Petersburg.
Spurs boss Andre Villas-Boas admitted recently the club had been tracking the player but had cooled their interest after failing to agree a price.
Rennes are also said to be unhappy with the size of the other offers that have been tabled so far and would rather hang on to the defensive midfielder until their evaluation of £15million is met, with Arsenal reportedly leading the race after selling Song to Barcelona for a similar amount.
The arrival of Jean Makoun on loan from Aston Villa could open the door for M'Vila to leave but Rennes general manager Pierre Dreossi is adamant he will not let the 22-year-old go on the cheap.
"For the moment, there are three offers", Dreossi told French radio station RMC. "There is no agreement. We enter negotiations this week and hope to find a solution.
"Arsenal? Maybe, you'll have to call Arsene Wenger. I think Arsenal will look for a player in this position. He could go there or to a club which sells Arsenal a player."
Despite the transfer talk, M'Vila admits he would be happy to remain at Rennes if the club want to keep him.
"In France we have until September 4th [when the transfer window closes]", M'Vila told Sport 24.
"If I have to stay with Rennes for another year, I'll stay - if I go, that is life - but whilst I am here, I am 100 per cent focused."